The Federal government’s (FG’s) $300 million Diaspora Bond scheduled for a road-show on Thursday has been rated ‘B+(EXP)’ by the international rating agency, Fitch Ratings.
Fitch disclosed on Wednesday that it has assigned the rating after the receipt of final documents materially conforming to information already reviewed.
The rating agency added that the rating is in line with Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) of ‘B+’. The rating agency had issued a negative outlook on the IDR of the country.
According to Fitch, the rating is sensitive to changes in Nigeria’s Long-Term Foreign-Currency IDR. On 24 January 2017, Fitch affirmed Nigeria’s Long-Term Foreign-Currency IDR at ‘B+’ and revised the Outlook to Negative. The Long-Term Local-Currency IDR was also affirmed at ‘B+’ with a Negative Outlook.
